20 most recent innovations in financial

Leveraxe

Fri, 14 Jun 2013 00:00:00 Z

The Vipukirves axe separates sections from the log using a unique lever action that allows logs to be split into firewood in seconds. The splitting force of Vipukirves is considerably stronger than with a traditional axe.

Vipukirves has an unique design. Upon striking the log, it automatically turns to the right and detaches the chopped portion from the log. Vipukirves functions like a convention axe with the exception that the user must loosen his/her the grip on the handle when the blade strikes the log. Chopped sections are removed with a single strike and the blade doesn't become lodged in the log, but keeps it in the same place and ready for the next strike.

Long lasting copy proof plastic money bills

Fri, 13 Apr 2012 00:00:00 Z

Canada's battle against paper money dates back to 1987 with the introduction of the $1 "Loonie" coin. Now, the Canadian government is doing the same to larger denominations—replacing conventional cash with counterfeit-proof polymer bills.

The new bills are constructed from a polymer blend that reportedly lasts more than twice as long as cotton-paper currency, as well as be melt- and freeze-proof. These are handy when subjected to harsh Canadian winters as well as washer/drier combos. The texture of these notes are also reportedly quite different than that of traditional money. The new bills include a number of security features such as raised print, metallic ink portraits, transparent and hidden text—even a see-through "window" in the bill.

Palm-reading ATMs to allow card-free transactions

Fri, 13 Apr 2012 00:00:00 Z

Biometric technology has been boosting the security of a greater array of electronic devices in recent years, including homes, businesses, schools and even wallets. The technology has also made its way into ATMs as a way to beat card skimmers, but these machines still require customers to insert a card. Now a Japanese bank has announced that it will introduce ATMs that allow customers to carry out transactions with a scan of their palm.

Currently, ATMs with integrated biometric sensors identify customers by comparing biometric data stored on their card against data gathered by the ATM – be it fingerprints, palm prints or iris patterns. This means that if the customer loses their card, they can’t access their cash.

The new ATMs to be introduced this September at 10 branches, a drive-through ATM and two mobile banks by Japan’s Ogaki Kyoritsu Bank will authenticate a customer by only their palm print, their birthdate, and a four-digit PIN – no card required.

After registering their biometric data at a bank branch, customers will be able to withdraw cash and conduct other transactions without a card using the new ATMs. As well as improving customer convenience, the ATMs were developed in response to the large number of people who lost their cards and other forms of personal identification in the wake of the 2011 Tohoku earthquake and were unable to access their accounts.

Flexible computers make smarter credit cards

Mon, 02 Apr 2012 00:00:00 Z

Miniature, flexible computers can act as credit cards that offer more control over payments.

Dynamics Inc., a New York-based start-up, has been manufacturing “smarter” credit cards that can take on multiple identities.

One version of the card allows a user to press a button to choose between a checking or a savings account. For example, press button 1, and the magnetic stripe is configured to charge a purchase to the checking account. Press button 2, and the stripe is rewritten to charge the savings account.

Another version of the card is tailored to big businesses that need tighter security. The card has a flexible display and five buttons. Press a personal unlock combination, and digital numbers will appear on the card to complete the credit card number; the magnetic stripe is written with the information of the credit account. When the card turns off, the numbers disappear, and the magnetic stripe erases its data. This way, if the card is stolen, a thief cannot view the full credit card number or swipe the card to make a purchase, which helps prevent fraud. “There’s not one card for everyone,” said Jeffrey Mullen, chief executive of Dynamics Inc., in an interview. “We are trying to be a technology innovation arm for an industry where that’s never happened.”

Each card contains a miniature, flexible circuit board, a battery and a programmable magnetic stripe.

Some of the cards are being tested in trials with various bank customers, according to Mr. Mullen, and Citibank is already offering a version of the technology that allows card owners to choose between paying with credit or rewards points.

ATM designed for illiterate users

Tue, 25 Oct 2011 00:00:00 Z

More than 50 percent of the global population has no access to banking services, making it very difficult for them to climb out of poverty. As part of a program to address this issue — known as financial exclusion — technology giant NCR has developed an ATM that taps biometric technologies to make it suitable for use by illiterate and semi-illiterate populations.

NCR’s EasyPoint 70 Tijori machines are already automating the collection and disbursement of loans in India, and soon the company hopes to introduce its Pillar ATMs there as well. These new devices are the result of research in the largely illiterate slums of Mumbai, and feature a contactless card reader, a biometric fingerprint scanner, fast cash buttons, a dispenser and a receipt printer. Users of the freestanding device can simply place their thumb on the sensor and push the color-coded button for the amount of cash they want to take out. For security, the waist-high ATM can be bolted to the ground, and its shape minimizes the chance of theft via crowbar, a Scientific American report explains. Not only that, but the machine’s cash box will also collapse in the event of a breach.

Webcams read credit-card details

Fri, 09 Sep 2011 00:00:00 Z

Created by San Mateo, California-based Jumio, the new system, called Netswipe, not only makes online transactions simpler, but also improves security, says company CEO Daniel Mattes. The company's management team includes Facebook cofounder Eduardo Saverin.

Netswipe prompts a customer to hold up his credit card to his webcam. An on-screen video feed guides the customer to hold it within a template so it can capture the details. "It takes about a quarter of a second to read," says Mattes. To complete the transaction, the customer types in the three-digit verification number on the back of the card.

Card Case For The iPhone 4

Wed, 20 Apr 2011 00:00:00 Z

Leave your wallet at home with this convenient and ingenious iPhone 4 card case! The CandyShell Card is a protective, one-piece iPhone case that lets you stash up to three credit-card-sized cards inside its built-in rubberized slot. Just slide your cards in to store them securely, and use the handy thumb release to access your cards when you need them!

Deposit Check in Cell Phone

Tue, 18 Aug 2009 00:00:00 Z

Do you also have a dream that you could easily deposit checks in your cell phones? Well, the ATM supplier NCR Co. and the Mitek Systems Co. which majoring in moving-images have cooperated to make it come true. As long as you have a cell phone camera of two-million pixels, it's rather convenient to deposit your checks into certain accounts by taking photos of them.

Expensify: The Corporate Card

Tue, 14 Oct 2008 00:00:00 Z

Business expense accounts may sound glamorous, but for most frequent travelers they're more of a hassle than anything. Sure, there's always the novelty of being able to go out to to dinner on the company's dime, but this wears thin after a few days of stuffing your wallet full of receipts.

Expensify, the startup that took second place at TC50's DemoPit, is hoping to ameliorate these issues as much as possible by keeping track of your expenses for you. CEO David Barrett says that while solutions exist for the top 3% of businesses - namely large companies with hundreds or thousands of employees - the remaining 25 million American businesses are left to fend for themselves with paper receipts and annoying Excel spreadsheets. The site launched this week, and is offering the service for free (you won't have to pay its 3% surcharge) to the first 1000 users who sign up here.

To use Expensify, you first sign up for an "electronic payment card" - essentially an Expensify-branded MasterCard that is linked to your original credit card. This electronic payment card is acting as a middle man, tabulating all of your purchases on the road and immediately charging your original credit card for whatever you spent (you don't lose out on your frequent flier miles, and you don't get an extra monthly bill).

Expensify allows you to submit photographs of your receipts as you get them, which are automatically attached to the corresponding purchase in your account history (assuming your business will accept a photo in lieu of the physical receipt). You can submit photos using either a native iPhone application or using a dedicated Email address from any camera phone.

Private banking by shoebox

Fri, 10 Oct 2008 00:00:00 Z

Realizing that many of its wealthy clients lack the time or patience to deal with their personal finances, Amsterdam-based private bank Insinger de Beaufort launched a new service that takes finances back to the basics: a shoebox.

After sitting down with their private banker to discuss financial planning, Insinger's clients are sent a big shoebox by courier every month. They drop anything admin-related into the box: bills to be paid, bank statements, receipts, tax returns, speeding tickets, insurance documents, etc. At the end of the month, Insinger sends a courier to pick up the box, and then processes its contents. Clients are sent a complete overview of actions and transactions within three business days, after which the bank takes care of the entire follow-up process, including paying bills, filing tax returns and processing business expenses.

Every quarter, clients are sent a financial report, detailing spending categories, asset growth, etc, and once a year, they meet with their private banker to evaluate new developments and adjust their financial planning as needed. Sensing a gap in the market, Insinger de Beaufort offers its shoebox service to clients at other banks, too. The concept is of course entirely focused on convenience, saving (valuable) clients the time and hassle of dealing with the minutiae of their personal finances. While other banks provide their high-end clients with similar add-on services, the shoebox approach is undeniably elegant in its no-tech simplicity.

Bank targets gay Londoners

Thu, 14 Aug 2008 00:00:00 Z

Nearly one in nine employees in London's banking, finance and insurance sector is gay, according to an article in the Telegraph, and such consumers typically enjoy significantly higher salaries than their heterosexual counterparts. Little wonder, then, that one of London's major banks has implemented a new banking service targeted specifically at the city's homosexuals.

Just launched this summer, Credit Suisse's new service is provided by advisors at the bank who are themselves openly gay, the Telegraph reported, and includes not just traditional banking offerings but also components tailored to such events as adoption and civil partnership. Stephen Connolly, head of the Credit Suisse service, explains: Clients with us have no need to explain their lifestyles or - as we know happens in some cases - almost feel the need to justify the way they choose to live their lives.

Tomy piggy bank with RPG game

Wed, 02 Jul 2008 00:00:00 Z

This new Tomy piggy bank gives forward-thinking youngsters a reason to save their quarters: it features a miniature RPG game on the front, and every coin you pump into the bank is translated into gold, which can be used to buy weapons, items and armor for your character. Ultima meets Tamagotchi, basically. Although I'd hasten to add that a savings account is a better return on investment than putting your money into a wardrobe for an imaginary elf.

USB Credit Card

Tue, 05 Feb 2008 00:00:00 Z

A South Korean company called Shinhan Card unveiled yesterday a new kind of USB credit card.The device functions as a contactless credit card at stores. In orderto use it for online purchases, you just insert it into your PC's USBdrive. It enters your credit card information for you.

Security minded-picture perfect ATM display

Fri, 07 Dec 2007 00:00:00 Z

The NEC LCD Technologiesdivision has developed a TFT LCD Module display that maintainssharpness and clarity while shifting effortlessly between wide andnarrow angle views. This improvement is specifically aimed atcommercial ATM machines where the security of the displayed data canand has been compromised by over the shoulder peeks by others.

According to a NEC Headquarters press release, the angle-switchingcontrol enables the light from the backlight system to be switched froma diffused pattern to a straight pattern by control signals.

The distinct advantage of the new LCD module is its ability to shownon-private commercial advertising in one mode and then switch to theprivacy mode when personal data is displayed.

Kiva

Tue, 04 Dec 2007 00:00:00 Z

Kiva lets you connect with and loan money to unique small businesses in the developing world. By choosing a business on Kiva.org, you can "sponsor a business" and help the world's working poor make great strides towards economic independence. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates from the business you've sponsored. As loans are repaid, you get your loan money back.

Credit cards with display and keypad

Thu, 22 Nov 2007 00:00:00 Z

he "Credit Card Embedded Authentication Device" was put together byInnovative Card Technologies and eMue Technologies, and uses the screenand keypad to provide security for online and mobile based bankingtransfers: the user enters their pin into the card, which gives back aone-time use code to authorize online transactions.

A Blind call

Fri, 21 Sep 2007 00:00:00 Z

It happens to everyone: you don't lock your phone, you stick it in your pocket and accidenlty knoch the buttons making a call to whoever your first contact is. Instead of running up long call times and extra costs, a Belgium company has developed "A Blind call".

By adding there number as your first contact, you can help donate everytime you accidently dial with your GSM. Instead of calling/disturbing friends and contacts, your call goes to the Brailleliga and donates €0.75. The call is automatically ended after 30 seconds.

Smart meter provides fairer parking system

Tue, 14 Aug 2007 00:00:00 Z

The PhotoViolationMeter is a smart, networked parking meter solutiondesigned to bring efficiency and fairness to everyone involved in thedaily chore of finding somewhere to leave the car. Recently tested inthe Port of San Francisco, the system is beneficial to both drivers andmunicipalities in that it provides an easy to maintain wireless systemthat automatically detects when you are in a parking space so thatusers pay only for time used, no more, no less.

Free insurance with suitcase

Tue, 17 Jul 2007 00:00:00 Z

In case style and craftmanship weren't enough to lure in suitcase shoppers, customers who purchase luggage from Carpisastores in Italy during a special year-long promotion get an unusualperk-insurance for their bags against any loss by any airline worldwide.

The company is partnering with Italian-based insurance providerAurora Assicurazioni for this co-marketing initiative, which began inMay of 2007 and will run until May 2008. Customers who purchase aCarpisa bag during that time have 30 days to activate their year-longinsurance policy, which will reimburse them the cost of their suitcaseif lost from the time bags are checked by airline personnel untilbaggage claim, provided the loss is properly reported and the bagsdon't turn up in the airport's lost and found office. Policies can beactivated either by mail or fax, and the contracts will cover thepurchase cost, up to EUR 119 per bag.

Concert tickets in bank tellers

Wed, 20 Jun 2007 00:00:00 Z

Dexia will begin selling concert tickets through their bank automatic bak tellers. According to them, this is a European first.
The service is only available to Dexia customers. The tickets are printed at the teller self, with a unique code and the name of the buyer. According to the bank, this will help prevent people from buying many tickets to sell on th eblack market.